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Acquisition-hungry Valeant buys U.S. company

Valeant CEO Michael Pearson is seen in one of the company's laboratories Tuesday, April 3, 2012 in Laval, Que.

Ryan Remiorz/Ryan Remiorz/THE CANADIAN PRESS

Valeant Pharmaceuticals International Inc. said it bought U.S.-based Pedinol Pharmacal Inc., which specializes in foot disorder treatments, for about $27 million, to complement its existing dermatology business.

Valeant said it acquired the private company for less than 1.5 times sales.

Pedinol had revenue of about $18 million in 2011.

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The deal is expected to immediately add to Valeant earnings.

"The Pedinol business will be a strong fit alongside Valeant's dermatology franchise," chief executive officer Michael Pearson said in a statement.

Valeant has been on a buying spree across various geographies in the last four years since Pearson became the CEO. It said it will buy Russian pharmaceutical company Natur Produkt International and Austrian pharmaceutical company Gerot Lannach last month.

In February the company agreed to buy Eyetech Inc and Brazil's Probiotica Laboratorios Ltd. .

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